Midday Market: Sensex falls more than 500 points; Nifty slips below 23,600; realty sector lags

The Indian equity market witnessed a midday slump on Thursday as the Sensex dropped 500 points to 77,649, while the Nifty50 traded below the 23,600 mark, declining 0.6 per cent.

Negative cues from global markets and caution ahead of the December-quarter earnings season contributed to the subdued sentiment.

Key sectoral trends
The realty sector emerged as the top laggard, shedding over 1.5 per cent, followed by declines in banking, auto, and energy stocks. Among the Sensex constituents, SBI, L&T, and Adani Ports were among the biggest losers, declining up to 2 per cent.

On the other hand, Kotak Mahindra Bank, M&M, and Infosys showed resilience, registering modest gains.

Stock-specific action
Manappuram Finance remained in focus after the Reserve Bank of India lifted restrictions on its subsidiary, Asirvad Micro Finance, boosting investor confidence. Advait Energy Transitions saw heightened activity after securing a Letter of Intent for a 50 MW battery energy storage project in Gujarat, signaling growth potential in renewable energy plays.

Reliance Industries also drew attention, trading flat after Morgan Stanley pegged its target price at Rs 1,662, reflecting confidence in its diversified portfolio.

Shares of Prataap Snacks gained traction after Mahi Madhusudan Kela and Authum Investment expressed interest in acquiring a 26 per cent stake at Rs 865.66 per share, triggering speculative activity.

Meanwhile, Tata Motors gained 0.5 per cent after Jaguar Land Rover reported a mixed Q3 performance, with wholesales rising 3 per cent despite a 3 per cent dip in retail sales.

Earnings buzz
All eyes are on Tata Consultancy Services (TCS) as the IT giant kicks off the December-quarter earnings season later today. Analysts expect muted revenue growth amid challenging global demand but anticipate strong order wins, which could influence broader market sentiment.

Market outlook
With the earnings season underway and global cues weighing on sentiment, market participants are likely to remain cautious. Key support levels for the Nifty50 are seen at 23,500, while resistance is pegged at 23,800. Analysts recommend focusing on stock-specific opportunities, especially in sectors like IT and renewables.